Egypt’s economic fortunes are looking up following a landmark $8bn March IMF agreement and a $35bn UAE investment deal (MEES, 3 May). But latest official stats lay bare the size of the economic hole Cairo has to pull itself out of.
Data for the first nine months of the 2023-24 financial year (i.e. the nine months to 31 March 2024) show that a whopping 53% of budget spending went on interest on Cairo’s near-$400bn of government debt. (CONTINUED - 1234 WORDS)
